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Sales of area existing homes fall for fourth straight month

April 24, 2019

Sales of existing homes fell 3.6 percent in central Indiana in March, the fourth straight month of declining sales.

Completed sales in the 15-county area dropped from 2,966 in March 2018 to 2,859 last month, according to the latest data from the MIBOR Realtor Association.

March’s decline followed a 2.3 percent decrease in closed sales in February, an 8.3 percent decline in January and a 6.6 percent drop in December.

Higher prices, low inventories and higher interest rates have all worked to slow sales in the market in recent months.

One statistic might bode well for home buyers: the total number of active home listings in the region rose 8.8 percent, from 5,708 at the end of March 2018 to 6,212 at the end of last month. That breaks a streak of declining inventories. New listings, however, fell 4.7 percent, to 3,747.

The average area sales price for an existing home during the month increased 5.2 percent, to $220,158. The median price rose 4.9 percent, to $182,000.

Homeowners across central Indiana in March got an average of 95.5 percent of their original list price when selling their houses. That was up from 94.6 percent in February.

Pending home sales dropped 14.7 percent, to 3,653.

Marion County

In Marion County—the most active market in central Indiana—closed sales in March increased 4.7 percent, to 1,203.

The average sales price in the county rose 7.2 percent, to $182,405. New listings dropped 0.1 percent, to 1,563.

The inventory of single-family detached houses in Marion County was up 24.1 percent, to 2,119. The townhouse-condo inventory rose 17.3 percent, to 299 units.

Other area counties
In Hamilton County, sales dropped 5.3 percent, to 554, in March. The average sales price rose 0.5 percent, to $323,513. The inventory of single-family detached houses rose 6.3 percent, to 1,179.

In Hendricks County, sales sank 19.2 percent, to 210, and the average sales price increased 9.3 percent, to $233,978.

In Johnson County, sales increased 3.3 percent, to 220, and the average sales price rose 9.9 percent, to $224,236.

Sales in Boone County rose 7.9 percent, to 68 and the average price of a home ticked up 0.9 percent, to $309,951.

Hancock County sales rose 19.2 percent, to 124, and the average price dropped 1.7 percent, to $211,369.

Sales were down 10.4 percent in Madison County, to 129. The average sales price increased 28.7 percent, to $135,858.

Morgan County sales fell 17.3 percent, to 67, and the average sales price rose 8.2 percent, to $195,446.

Shelby County saw 49 closed home sales in March, four fewer than the previous year. The average price sank 21.9 percent, to $121,515.

Indiana results

Statewide, closed sales in March fell 3.2 percent over the same month of 2018, to 6,818, according to the Indiana Association of Realtors. The median price rose 9 percent, to $164,000, and the average price increased 6 percent, to $188,697, marking the 88th straight month of year-over-year price increases.

Pending home sales fell 10.7 percent, to 8,206, and new listings fell 8 percent, to 8,904.

 

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